The Government of Tanzania has signed two loan agreements. One is a US$100m deal from the Republican Government of Korea and a US$10m as assistance from Korea International Cooperation Agency (KOICA).
The funds will be channelled into various MKUKUTA projects. These are projects that have been specified in the Big Result Now (BRN) project including agriculture, water, energy, and also the health sector.
The Korean government has had a good diplomatic relationship with the Republic of Tanzania since 1992 they established an office in the country. Korea has been playing an important role in implementing Official Development Assistance (ODA) for
Tanzania, reflecting its own strategy and willingness to support development.
Tanzania’s national economic growth rate is almost 7.0%, with a significant portion of the national budget relying on foreign aid.
The main drivers of Tanzania’s rapid economic growth continue to be fast-growing capital-intensive sectors, particularly communications, financial services, construction, manufacturing and retail trade.
Read the full article here: http://constructionreviewonline.com/2014/07/28/tanzania-receives-us100m-korea-development/
